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2020

2019

  • Daiwa's View

    Daiwa's View

    21 August 2019 781 KB PDF
    • Excessive cheapness will not continue
  • Daiwa's View

    Daiwa's View

    20 August 2019 411 KB PDF
    • Will concerns about recession prove unfounded?
  • JGB Insight - YCC policy facing ordeal

    JGB Insight - YCC policy facing ordeal

    19 August 2019 517 KB PDF
    • The BOJ cut the offer amount in the 5-10Y zone. However, the relatively small reduction temporarily pushed the 10Y JGB yield down to -0.255% after the operation notice. 
  • Daiwa's View

    Daiwa's View

    19 August 2019 687 KB PDF
    • BOJ succeeded in controlling yield curve, but facing rocky road ahead
  • Outlook for 20Y JGB auction

    Outlook for 20Y JGB auction

    19 August 2019 641 KB PDF
    • The auction is to be held at record-low bidding yield
  • Outlook for 5Y JGB auction

    Outlook for 5Y JGB auction

    14 August 2019 689 KB PDF
    • The 5Y JGB yield is moving at around -0.3%. Tomorrow's auction will be held at the lowest bidding yield level since the auction in July 2016.
  • Forex Market View - US-China trade friction/currency friction

    Forex Market View - US-China trade friction/currency friction

    9 August 2019 545 KB PDF
    • US-China currency friction exacerbated by sharp decline in yuan's value
    • China tolerating some yuan weakness but can it avoid a significant devaluation?
    • Risk of US-China trade friction/currency friction compounding one another
  • Daiwa's View - Yields are unlikely to rise

    Daiwa's View - Yields are unlikely to rise

    9 August 2019 758 KB PDF
    • Key point is a decline in the natural rate of interest